Novogratz, a former billionaire and well-known hedge fund manager, seems to have pulled off a nifty comeback. He began investing in cryptocurrencies in 2013 and left Fortress Investment Group two years later to focus on the space.
The Crypto Comeback Of Former Hedge Fund Billionaire Michael Novogratz
CEO, Galaxy Digital
Crypto Net Worth: $700 million-$1 billion*
A well-known macro hedge fund manager, Novogratz, who hit the Forbes billionaires list in 2007 before the ensuing economic meltdown, seems to have pulled off a nifty comeback. He began investing in crypto in 2013 and left Fortress Investment Group in 2015 to focus on the space. Given his background, Novagratz approached crypto as a trader.
“The guys who have done the best are the true believers who don’t have the speculative DNA,” says Novogratz, 53. “If I had literally not sold my Ethereum when it was at $15, I probably would have made–I can’t tell you how much because it would make me sick.” (Ethereum recently changed hands for more than $1,000.) “You would kill yourself if you think that way,” he adds. Novogratz hasn’t been shy about terming the current environment a bubble–his goal is to make as much money as possible before it pops.
Right now that means rolling part of his digital currency winnings into his latest play, Galaxy Digital, a merchant bank devoted to crypto that he is working to list publicly in Canada.
*All cryptocurrency/U.S. dollar conversions are as of January 19, 2018.